Page 30 - ஷார்துள் அமர்சந்த் மங்கல்தாஸ் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Defaulting promoters, who are barred from a resolution plan under section 29A of the Insolvency and Bankruptcy Code (IBC), cannot use the scheme of arrangement and compromise to gain control of a company while it’s in liquidation, the Supreme Court said on Monday. As such, the scheme of arrangement under Section 230 of the Companies Act does not stop anybody from proposing a plan. However, if this provision is used to revive a company which is facing liquidation under IBC, the rules of 29A will apply in keeping with the intent of the law, the top court clarified. Specifically in this case, the SC order barred promoters of Gujarat NRE Coke, a defaulting company, from proposing a revival plan in the event of liquidation under IBC.

Arun kumar jagatramkaRaj bhallaHarish kumarDhananjayay chandrachudSupreme courtNational company law tribunalPartner at shardul amarchand mangaldas coNational company law appellate tribunalBankruptcy codeCompanies actJustices dhananjayay chandrachudBankruptcy boardShardul amarchand mangaldasInsolvency and bankruptcy codeராஜ் பல்லாகடுமையான குமார்